All Forum Posts by: Alex Ng

So I have someone who is foreclosing on a home and has agreed to a subto deal. I was wondering after the transaction, what power do they have left? I like to plan for the worst case scenario. Afterwards, do I have complete ownership of the property? It is in my ability to make payments or not. Can they still do something like cash out refinance or do a HELOC on his own? 30 years is a long time and you never know what the seller might do. I'm afraid they might one day put a HELOC on the property, take the money and run and I will be stuck carrying more debt. Is the seller still allowed to do that since their name is on the loan?

After a subject to, does the seller still have any part in the property anymore? Can they ever do anything that may sabotage the property?

I'm looking to purchase my first subject to deal. It's a great deal (sub 3% interest rate). I have been hearing so many mixed things about it that it is making me worried. I have had people tell me it is illegal and would trigger a due on sale clause. I've had people tell me that though it can trigger the clause, the reality of banking pulling due on sale clause is really low. I have  a family member in the lending industry tell me it is possible but I need to find out if the loan is assumable through the deed of trust. I was told that the banks would instantly know if the name on the title has changed and would call the loan. Can anyone shed light to me on how subject to works? Should I tell the bank and see if the loan is assumable? Should I just go for it and pray it does not trigger the clause? The bank has over 1,000 branch locations. The mortgage still has another 28 years to go. 

Are there any exit strategies to limit risk in case a due on sale clause is triggered? Would the property taxes change once the title has been transferred? Please help. I need to make my decision to close on this property in one day.

I'm looking to start a MTR business. I want to learn the ins and outs. What book recommendations do you have (besides 30 day stay) that will give me an overall scope to MTR? What are some youtube channels I should look at to learn? I want to learn in an organized manner. Thank you!

When getting under contract, should I apply for a title search during the due diligence or will the escrow/title company be doing that for me? I want to know if it's worth paying the extra money to conduct a title search if it won't already been done so by the escrow/title. What should I do if at closing the title isn't clear? 

Anyone here do BRRRR in Augusta GA? I was wondering if you would be willing to share some numbers with me. I have a property under contract and I want to make sure I am doing it right. Thank you!

Im picking up my first subject to property. Do I have to buy my own homeowners insurance as well as pay the insurance for the mortgage? How would insurance work as a subto. 

also how would I protect against a due on sale clause? What are exit strategies i can take for a subto

I have a wholesaler who is whosaling a subto deal to me. It's too good to pass up. He's asking for 3k EMD. I've never done a subto deal before. I know it's different from a normal real estate transaction. Is there still a due diligence period? Would I be able to get my 3k EMD if it didn't work out? How does this work? Do we just go into escrow and the title gets transferred to me but the name is still in the original owner's? What if I wanted to use a HELOC or cash out refinance? How would that work.

I'm looking to start a MTR business. I'm hoping to target traveling nurses, corporate professionals, displaced individuals, etc. How would I analyze properties to see if they are viable for MTR aside from proximity from hospitals? Should I look for properties close to big corporations? How would I know which corporations have traveling professionals? How would I attract displaced individuals? What are some tips for MTR?

I'm under contract for a fixer right now. I wanted to schedule an inspection but I wanted utilities available. Water is going to be turned on but electricity cannot because the meter box needed to be installed. My due diligence is over in 6 more days. Aren't permits required to install a meter box? I'm thinking of scheduling the inspection anyways and then deducting cost from the purchase price to cover the meter box. How much of a decrease should I ask for? I also heard the meter box is covered by the county?

Can someone enlighten me how the subto process works? I know what it is ( taking over someone's mortgage) but how does the process look like? Do they just transfer the title to my name and I pay closing costs? Do I pay the mortgage to the bank even though the mortgage is in the seller's name? Would title/escrow know what to do in the event of a subto transaction? Can someone walk me how the process goes. Thanks